919 Greenbrier Rd · DeKalb, IL 60115

$499,999

600 bd · None ba · — sqft · MultiFamily · 126 Days on market

Built 1965 Fair condition Est $586k · 15% under ↓ 4% since listing

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +14.1/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.9/5.0
• Condition / age +2.2/5.0
• Schools +1.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 24 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional investment opportunity in the heart of Northern Illinois University's student housing market. 919 Greenbrier Rd is a 24-unit student living property currently leased by the fraternity SAE, offering immediate cash flow and built-in occupancy. With capacity for up to 48 tenants, this property is ideally structured for high-yield student housing. Each unit is outfitted with essential amenities including a full kitchen, multiple bathrooms, and dorm-style living spaces. A spacious basement and 10 on-site parking spaces add value and convenience. Located steps from Greek Row and within close walking distance to campus, this is a prime location for student renters. A rare, turn-key asset in DeKalb-perfect for investors looking for stable, consistent returns in a thriving college rental market. Northern Illinois University's current spring 2026 enrollment is 14,644 students, described as the largest spring enrollment in five years. This is a 3.4% increase compared with spring 2025 enrollment of 14,158 students. Bathrooms include 1 full bathroom inside the President Suite, 2 public bathrooms on each floor, and 2 half bathrooms (powder rooms).

Key facts

• Full kitchen
• 24 unit property
• Multiple bathrooms

Tags

• 24 UNIT PROPERTY
• FULL KITCHEN
• MULTIPLE BATHROOMS
• SPACIOUS BASEMENT
• 10 ON SITE PARKING SPACES
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 24 × 1-bed/1-bath units multifamily listed at $500k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $15k ($185k/yr) — positive. Per door: $644/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $500k).
• Recommended offer: $440k (12.0% below list) — sets the bar for market timing.
• Cap rate 43.4% vs local median 4.4% in DeKalb — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#154 in IL, #2,835 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities D+, schools D, crime D-.
• Dekalb CUSD 428 (suburban): math 11% / reading 16% proficiency, ranked #541 of 620 in IL (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+7.3%/yr); 85 active listings in the ZIP; 260 units permitted in DeKalb County in 2024 (73 in 5+ unit buildings).
• At $23,927/mo this rent would consume 610% of the median local household income ($47k/yr) (locally 3794% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $140k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($440k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $49k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $439,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.79% ✓
• Cap rate: 43.37%
• Cash-on-cash: 132.40%
• DSCR: 6.89
• GRM: 1.7

CMA / ARV

• ARV (median comp): $586,327
• List price: $499,999
• Delta: -14.72%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.33% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.23×
• Total profit: $1,011,949
• Equity at exit: $74,551

10-year hold

• IRR: —
• Equity multiple: 19.84×
• Total profit: $2,637,662
• Equity at exit: $43,231

Cash invested: $140,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 43 Moderately Tenant-Leaning
• State Illinois: 43 Moderately Tenant-Leaning · D+7
• County: — inherits STATE
• City: — inherits STATE

Chicago RTLO is among the strongest tenant ordinances in the Midwest; downstate is more landlord-friendly.

Methodology + full state rankings →

ZIP-level market 60115

• Home prices YoY: -31.9%
• Rents YoY: 7.3%
• Active inventory: 85
• Price-to-rent: 41.8×

Monthly cashflow live

• Estimated rent: $23,927 high
• Mortgage (P&I): −$2,622
• Tax est. 1.5%: −$625 /mo · $7,500/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,025
• Net cashflow: $15,447

Break-even live

Break-even rent $4,374

Max offer price $499,999

Occupancy floor 30%

24-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 24× units	1	1	$23,928
Total (24 units)			$23,927

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $499,999 Active 126 DOM
2. 2026-06-17
   days on market $499,999 Active 125 DOM
3. 2026-06-16
   days on market $499,999 Active 124 DOM
4. 2026-06-15
   price $499,999 Active 123 DOM
5. 2026-06-15
   days on market $524,999 Active 123 DOM
6. 2026-06-13
   days on market $524,999 Active 121 DOM
7. 2026-06-13
   days on market $524,999 Active 120 DOM
8. 2026-06-09
   days on market $524,999 Active 117 DOM
9. 2026-06-08
   days on market $524,999 Active 116 DOM
10. 2026-06-07
    days on market $524,999 Active 115 DOM
11. 2026-06-04
    days on market $524,999 Active 112 DOM
12. 2026-06-03
    days on market $524,999 Active 111 DOM
13. 2026-06-02
    days on market $524,999 Active 110 DOM
14. 2026-06-01
    days on market $524,999 Active 109 DOM
15. 2026-05-31
    days on market $524,999 Active 108 DOM
16. 2026-05-11
    price $524,999 1163-char remark

    Show marketing remark (1163 chars)

    Exceptional investment opportunity in the heart of Northern Illinois University's student housing market. 919 Greenbrier Rd is a 24-unit student living property currently leased by the fraternity SAE, offering immediate cash flow and built-in occupancy. With capacity for up to 48 tenants, this property is ideally structured for high-yield student housing. Each unit is outfitted with essential amenities including a full kitchen, multiple bathrooms, and dorm-style living spaces. A spacious basement and 10 on-site parking spaces add value and convenience. Located steps from Greek Row and within close walking distance to campus, this is a prime location for student renters. A rare, turn-key asset in DeKalb-perfect for investors looking for stable, consistent returns in a thriving college rental market. Northern Illinois University's current spring 2026 enrollment is 14,644 students, described as the largest spring enrollment in five years. This is a 3.4% increase compared with spring 2025 enrollment of 14,158 students. Bathrooms include 1 full bathroom inside the President Suite, 2 public bathrooms on each floor, and 2 half bathrooms (powder rooms).

17. 2026-02-12
    listed $549,000 Active 1163-char remark

    Show marketing remark (1163 chars)

    Exceptional investment opportunity in the heart of Northern Illinois University's student housing market. 919 Greenbrier Rd is a 24-unit student living property currently leased by the fraternity SAE, offering immediate cash flow and built-in occupancy. With capacity for up to 48 tenants, this property is ideally structured for high-yield student housing. Each unit is outfitted with essential amenities including a full kitchen, multiple bathrooms, and dorm-style living spaces. A spacious basement and 10 on-site parking spaces add value and convenience. Located steps from Greek Row and within close walking distance to campus, this is a prime location for student renters. A rare, turn-key asset in DeKalb-perfect for investors looking for stable, consistent returns in a thriving college rental market. Northern Illinois University's current spring 2026 enrollment is 14,644 students, described as the largest spring enrollment in five years. This is a 3.4% increase compared with spring 2025 enrollment of 14,158 students. Bathrooms include 1 full bathroom inside the President Suite, 2 public bathrooms on each floor, and 2 half bathrooms (powder rooms).

18. 2026-02-12
    historical

    Show marketing remark (1163 chars)

    Exceptional investment opportunity in the heart of Northern Illinois University's student housing market. 919 Greenbrier Rd is a 24-unit student living property currently leased by the fraternity SAE, offering immediate cash flow and built-in occupancy. With capacity for up to 48 tenants, this property is ideally structured for high-yield student housing. Each unit is outfitted with essential amenities including a full kitchen, multiple bathrooms, and dorm-style living spaces. A spacious basement and 10 on-site parking spaces add value and convenience. Located steps from Greek Row and within close walking distance to campus, this is a prime location for student renters. A rare, turn-key asset in DeKalb-perfect for investors looking for stable, consistent returns in a thriving college rental market. Northern Illinois University's current spring 2026 enrollment is 14,644 students, described as the largest spring enrollment in five years. This is a 3.4% increase compared with spring 2025 enrollment of 14,158 students. Bathrooms include 1 full bathroom inside the President Suite, 2 public bathrooms on each floor, and 2 half bathrooms (powder rooms).

19. 2025-12-12
    listed Active
20. 2025-12-12
    historical
21. 2025-10-14
    price
22. 2025-08-25
    listed Active
23. 2024-12-22
    historical
24. 2024-08-27
    listed Active
25. 2024-06-14
    historical
26. 2023-12-22
    price
27. 2023-10-09
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $287,124
• − Mortgage interest: −$28,008
• − Property taxes: −$7,500
• − Insurance: −$2,500
• − Repairs & maintenance: −$22,970
• − Management: −$22,970
• − Depreciation: −$14,545
• Taxable income: $188,631
• Est. tax owed @ 24.0%: −$45,271
• After-tax cash flow: $140,092/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate rehabilitation to improve its condition and value. Exterior and interior paint, flooring, and bathroom tiles need significant attention.

Repairs flagged

• Major exterior paint — Significant wear on exterior
• Major interior paint — Significant wear on interior walls
• Major flooring — Significant wear on hardwood flooring
• Major bathroom tiles — Significant wear on bathroom tiles

Value-add opportunities

• Both exterior paint — Enhances curb appeal and value
• Both interior paint — Enhances interior appearance and value
• Both flooring — Enhances interior appearance and value
• Both bathroom tiles — Enhances bathroom appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Significant wear on exterior	Major	$15,000–50,000
interior paint · Significant wear on interior walls	Major	$15,000–50,000
flooring · Significant wear on hardwood flooring	Major	$15,000–50,000
bathroom tiles · Significant wear on bathroom tiles	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior paint — Enhances curb appeal and value ↑
• Both interior paint — Enhances interior appearance and value ↑
• Both flooring — Enhances interior appearance and value ↑
• Both bathroom tiles — Enhances bathroom appearance and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dekalb CUSD 428
• NCES district ID: 1712000
• Math proficiency: 11% ▼ -9.00%
• Reading proficiency: 16% ▼ -6.00%
• Median HH income: $42,007
• Composite: 11.74/100
• National rank: #9685
• State rank: #541 of 620 in IL

Livability — DeKalb

• Score: 77/100
• State rank: #154
• US rank: #2835

Category grades

Amenities D+ Commute A+ Cost of living A+ Crime D- Employment F Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: DeKalb, IL
• County: DeKalb County · 64,760 people
• City population: 42,536
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 42,536
• Household income: $47,043
• Rent vs Own: 57.0% rent · 43.0% own
• Severe rent burden: 3794.0

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 104,983 people
• By 2030: 104,428 · -0.5%
• By 2040: 102,199 · -2.7%
• By 2050: 99,303 · -5.4%
• By 2075: 93,978 · -10.5%
• By 2100: 88,527 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 58% Hispanic / Latino 18% Black 15% Two or more races 12% Asian 4%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Romanian 5% Portuguese 3% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 82% English-only · Spanish 10% Arabic 2% Other Indo-European 2%

Political lean MEDSL · DeKalb

• 2024 margin: Toss-up / Even · D 50.1% · R 48.1% · Other 1.7%
• 2008→2024 swing: -14.8pp toward R · 2008: 16.8pp · 2024: 2.0pp
• All cycles: 2024: D+2.0 2020: D+5.7 2016: D+3.0 2012: D+5.5 2008: D+16.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.56%
• Current HPI: 191.1189
• Rent YoY: ▲ 7.33%
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 1.59%
• F500 in state: 60

Industry mix (Fortune 500 HQ in IL)

Industry	F500 HQs	Revenue
▸Insurance	4	$201B
▸Consumer Goods	4	$87B
▸Industrial Machinery	3	$64B
▸Healthcare	2	$55B
▸Retail / Pharmacy	1	$148B
▸Agriculture / Food	1	$86B

Price history

-4.4% since first listed

12 events — show timeline

• 2026-05-11 Price Changed $524,999 MRED as Distributed by MLS Grid
• 2026-02-12 Listing Removed — MRED as Distributed by MLS Grid
• 2026-02-12 Listed $549,000 MRED as Distributed by MLS Grid
• 2025-12-12 Listing Removed — MRED as Distributed by MLS Grid
• 2025-12-12 Listed — MRED as Distributed by MLS Grid
• 2025-10-14 Price Changed — MRED as Distributed by MLS Grid
• 2025-08-25 Listed — MRED as Distributed by MLS Grid
• 2024-12-22 Listing Removed — MRED as Distributed by MLS Grid
• 2024-08-27 Listed — MRED as Distributed by MLS Grid
• 2024-06-14 Listing Removed — MRED as Distributed by MLS Grid
• 2023-12-22 Price Changed — MRED as Distributed by MLS Grid
• 2023-10-09 Listed — MRED as Distributed by MLS Grid